China's wealth, income levels of inequality surpassing much of Europe, resembling the U.S., study finds (sccei.fsi.stanford.edu)
from Hotznplotzn@lemmy.sdf.org to world@lemmy.world on 22 Nov 12:01
https://lemmy.sdf.org/post/46047490

cross-posted from: lemmy.sdf.org/post/46047488

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• Since 1978, China has transformed from a poor, relatively equal society to a leading global economy with levels of inequality surpassing much of Europe and resembling the U.S.
• The state-owned (vs. privately-owned) share of China’s wealth fell from 70% to about 30%, compared to 0% in the U.S. (adjusted for debt).
• The share of China’s national income earned by the top 10% of the population has increased from 27% in 1978 to 41% in 2015, nearing the U.S.’s 45% and surpassing France’s 32%.
• Similarly, the wealth share of the top 10% of the population reached 67%, close to the U.S.’s 72% and higher than France’s 50%.

[…]

Income and wealth inequality in China approaching or exceeding levels in the U.S. and Europe. China’s inequality levels used to be lower than Europe’s in the late 1970s, close to the most egalitarian Nordic countries. Now, however, it is approaching U.S. levels. The bottom 50% earns about 15% of total income in China versus 12% in the U.S. and 22% in France. However, China’s top 10% wealth share (67% in 2015) is getting close to that of the U.S. (72%) and is much higher than in a country like France (50%).

[…]

While comparisons are difficult, the available evidence indicates that income growth trends in China during this period [between 1978 and 2015] may have been more egalitarian than those of the U.S., but less so than Europe’s. However, the current lack of transparency about income and wealth data in China, especially regarding offshore assets, puts serious limits on researchers’ collective ability to monitor inequality dynamics and design adequate policy responses.

[…]

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